Following MBNA’s lead, the Bank of Montreal (BMO) has decided to update its website as well. Namely, the credit card compare tool has a more comprehensive layout. It is now much easier to sort through the information to determine the highlights of each credit card.
Though it ended up working against them because now I realize how slim pickings is BMO’s credit card portfolio. The BMO World Elite MasterCard is really their only top credit card. I have frequently written about how poor the Air Miles program has become, so the Air Miles credit cards associated with BMO has greatly diminished in value. The cash back credit cards are very weak compared to the competition.
Hopefully BMO sees what I see, that they could improve the offers that they currently have. I personally do not currently possess any BMO credit cards and have no done so in a while. The only BMO credit card that I ever signed up for is the BMO Air Miles MasterCard with a 400 point sign up bonus.
Going forward, I can understand that BMO will want to retain the Air Miles credit cards, since the only competitor is American Express. Because BMO issues a MasterCard, they already have a slight edge against American Express.
The issue I have with the BMO World Elite MasterCard is that you are stuck with BMO rewards. If you choose to cancel this credit card, you will also lose your points. Contrary, if you collected Air Mile points, even if you cancel the BMO credit card, you will not lose your Air Miles, because Air Miles is a third party program.
I am hoping to see BMO pair up with more third party loyalty programs to offer co-branded credit cards to diversify its portfolio and attract some new customers.